Property management can be pretty tricky when it comes to renting agreements, payments, and other daily SOP that comes with it. Because of this, we have decided to answer the most commonly asked property management questions. Take a look at some of these questions and answers below, and feel free to send us a message here if you have any other questions you need answered!
What happens if I have an outstanding balance on my account?
Late maintenance payments and outstanding balances will incur late fees as per your condo association by-laws. At the discretion of the Board of Directors, if the account remains outstanding it will be turned over to the Association Attorney for collection. The homeowner will be responsible for all legal fees incurred.
What does my maintenance fee pay for?
The following is only a partial list of items your monthly maintenance fee pays for:
- Electricity, gas, water, sewer and sprinkler system water for all common areas
- Snow removal, landscaping, sprinkler maintenance
- Association insurance
- Legal, accounting and professional management services
- Reserve replacement fund
- Sustainment of common areas
- Preservation of exterior of all buildings
If I have a balance on my account, how are my payments applied?
Payments received by the Association from unit owners will be applied in the following order:
- Attorney fees and legal costs
- Late charges due
- Fines
- Past due assessments
- Outstanding maintenance payments
- Current maintenance payments
What must I do in order to rent my unit?
If you would like to rent your unit you are required to have a minimum 1-year lease as per the Association’s By-Laws. The lease must then be sent to the Young & Associates management office, located in Wood-Ridge, NJ; where it will be kept on file. Also, you must provide the management office with current phone numbers for both the unit owner and tenant.
Do I need a property manager?
If you do not have the time or skills needed for daily management of your buildings, an expert property manager can help make a big difference in your success. You may not realize just how much time and work goes into managing property, whether it is commercial or residential, and you can get overwhelmed. Especially if it is not your primary job, you can be completely over your head on this. A property manager can definitely help with your operations, and they will be your eyes and ears for your property.
What should I know about renting a home?
Renting a house can provide an easy and affordable housing option for those who cannot afford to buy a house, are new to a city or neighborhood, or just means for someone who doesn’t have the desire to own their own property. According to the U.S. Census Bureau, in Quarter 3 2008, median asking rent rose by 8.45% to $719 from a year earlier. This indicates that renting versus owning is a reality for millions of people across the country, coupled with the economic downturn.
What happens when a tenant is in breach of their lease contract?
When a violation has occurred, we will post legal notice to the tenant. They will have the chance to cure the violation. If not chosen to do so, it will be forwarded for eviction filings with our attorney.
Do I know what is going on with my property?
Yes, we will communicate and keep you aware of any issues that may arise throughout our agreement. We will contact you at reasonable times to discuss repairs and notify you of the residents to move.
Do you manage only residential properties?
No, we also manage commercial properties, as well as golf courses, all throughout Northern and Central New Jersey. Our residential properties include single-family houses, duplexes, and condos.
What other services do you provide?
Here at Young & Associates Property Management, we provide all of the following services: site management, expert financial management, administrative management, commercial management, reserve study support, golf course management, buying/selling real estate, and cobblestone maintenance. For further information on these services, please see here.
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SINCE 1980 YOUNG & ASSOCIATES, WOOD-RIDGE, NJ HAS BEEN THE TOP PROPERTY MANAGEMENT & REAL ESTATE COMPANY FOR RESIDENTIAL AND COMMERCIAL PROPERTIES THROUGHOUT THE NORTHERN AND CENTRAL NEW JERSEY AREA.
Located in Wood-Ridge, Bergen County, NJ, Young and Associates has over 30 years’ experience successfully managing residential and commercial properties in Northern and Central New Jersey.
Maintaining the highest standards of reliability and accountability, Young and Associates gives property owners peace of mind that comes from knowing their property is in trusting hands. Servicing properties primarily in Bergen, Passaic and Essex Counties, Young and Associates manages residential HOA communities, condos, co-ops and apartment complexes, golf courses and commercial properties.
Young and Associates now offers realty services through Young Realtors. Our licensed real estate brokers and associates can help you buy or sell your home. For more information about our services at Young & Associates, click here.
Young & Associates can be reached at (201) 939-8200.
